Target has announced plans for its 47th private label brand — a premium snacking line dubbed Favorite Day that will roll out April 5.
The new food and beverage label will serve as a complement to the retailer’s pantry basics line, Good & Gather, which launched in August 2019 and hit $2 billion in sales in 2020. Favorite Day will feature more than 700 items across bakery, snacks, candy, premium ice cream, cake decorating supplies, beverage mixers, mocktails and more, all under $15.
The brand will feature two product lines: Favorite Day Bakery, with assorted baked goods including cupcakes and breads; and Favorite Day Gourmet, a collection of premium sweets spanning ice cream, baked goods and more.
Target’s private label business is booming at a time when many retailers are increasingly turning to in-house brands to boost profits and appeal to cost-conscious consumers. Private label sales surpassed national brand growth by 33% in Q1 2020 alone, according to research from Deloitte, with the pandemic propelling the already growing segment to new heights last year.
Target’s newest brand also taps into another pandemic-driven trend — indulgence snacking, which saw exponential increases last year as homebound consumers sought out convenience and comfort in the form of their favorite CPG brands.
“We’re thrilled to build on Good & Gather’s success and the strength of Target’s food and beverage business by debuting our new owned brand, Favorite Day,” said Rick Gomez, EVP and Chief Food and Beverage officer at Target in a statement. “Rooted in guest insights and developed by our talented Target team, Favorite Day is a sweet and savory addition that tastes amazing, makes life’s little moments of indulgence even sweeter and continues to differentiate Target’s owned brand portfolio.”